SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

September 13, 2011 09:19 ET

SelectCore Provides Update on Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

SelectCore Ltd. (the "Company") (TSX VENTURE:SCG), a prepaid telecom and financial services transaction processor for the under-banked consumer market announces that the Company has decided to defer the balance of its previously announced private placement at the present time.

Due to recent market volatility, the Company believes raising capital at the current market price would be unnecessarily dilutive to all shareholders.

The Company elected to obtain a new $5M convertible debt facility from Windsor Bancorp as announced on September 4, 2011.

In addition to this new financing, the Company recently raised approximately $2.5 million in new equity between the exercise of warrants and options, and the closing of a $1 million tranche of the private placement as announced on August 3, 2011.

Management is of the opinion that the improvement in the Company's financial position provides the Company with adequate capital in the short-term to execute on its business while market conditions improve, thus allowing the Company to proceed with raising equity at a higher price point.

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks related to the regulatory approval process, market and financing conditions as well as risks associated with the prepaid telecom and prepaid financial industries, changes in project parameters as plans continue to be refined as well as those risk factors discussed in the Company's management's discussion and analysis for the period ended December 31, 2010, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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